The financial authorities said they would report HYBE Chairman Bang Si-hyuk to the prosecution on fraud charges, causing HYBE's stock price to start weakly on the 9th.
As of 9:24 a.m. that day, HYBE was trading at 269,000 won, down 12,500 won (4.44%) from the previous trading day.
Chairman Bang is accused of having led existing investors to sell shares by stating there were no plans for listing during the process of listing HYBE. However, it is said that HYBE successfully went public and made profits amounting to 200 billion won. The financial authorities have been investigating Chairman Bang for suspected fraudulent transactions.
The Capital Market Investigation Committee (CMIC), a deliberative body under the Securities and Futures Commission of the Financial Services Commission, has recently decided to report Chairman Bang to the prosecution. The Securities and Futures Commission plans to address issues related to Chairman Bang at its regular meeting on the 16th.